%0 Journal Article
%T The Effect of the Japan 2011 Disaster on Nuclear and Alternative Energy Stocks Worldwide: An Event Study
%A Robert Ferstl
%A Sebastian Utz
%A Maximilian Wimmer
%J BuR : Business Research
%D 2012
%I Verband der Hochschullehrer f¨¹r Betriebswirtschaft e.V.
%X This event study investigates the impact of the Japanese nuclear disaster in Fukushima-Daiichi on the daily stock prices of French, German, Japanese, and U.S. nuclear utility and alternative energy firms. Hypotheses regarding the (cumulative) abnormal returns based on a three-factor model are analyzed through joint tests by multivariate regression models and bootstrapping. Our results show significant abnormal returns for Japanese nuclear utility firms during the one-week event window and the subsequent four-week post-event window. Furthermore, while French and German nuclear utility and alternative energy stocks exhibit significant abnormal returns during the event window, we cannot confirm abnormal returns for U.S. stocks.
%K Fama-French model
%K Fukushima-Daiichi
%K bootstrap
%K event study
%K nuclear accidents
%U http://www.business-research.org/2012/1/finance/3309/ferstl-utz-wimmer-japan.pdf